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The impact of the disaster that has ravaged the north-east of Japan should be fairly limited on annual sales of LVMH, said Thursday the CEO of the world's largest luxury.

Bernard Arnault recalled before the general meeting of shareholders that Japan accounted for 9% of total turnover of the group and said that sales had been affected mainly in the north and east.

"It is still early to assess the impact (of the disaster) on the year.It should be fairly limited anyway, "he said.

He added that Japan remained to LVMH a "key country" in which he would continue to invest.

LVMH, which employs about 5,000 people in Japan, has donated five million euros to help the Japanese people affected.

Bernard Arnault, who now owns over 20% stake in Hermes, has reaffirmed that the stake was peaceful and that it wished to support the family shareholders and management of luxury saddle.

"We do not take control of this wonderful company," he said, twice.

Family shareholders of Hermes, to Stop an arrival of LVMH considered hostile, hear consolidate over 50% stake in a group holding unlisted. This holding, which received the green light from the Financial Markets Authority (AMF), the subject of an appeal, whose decision is expected in June.

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L'Expansion. Com has met March 23 in Paris, Ahmed Reda Chami, 49, Minister of Industry, Trade and New Technologies for 3 ½ years in the Moroccan government. Member of the Socialist Union of Popular Forces, was trained in the U.S. (UCLA) and Paris (Central) and was Chairman of Microsoft South-East Asia. Protests continue in Morocco, despite the constitutional reforms announced by King Mohammed VI. How the Moroccan government should answer this mobilization?

Even before February 20, when the first major gathering, there were about 24 events per day in Morocco! We said little as they were held peacefully. There is now a contagion effect with what happened in Tunisia and Egypt. Our response is twofold. First, they manage these events to take place peacefully.I always said the right to protest is a fundamental right. Then you have to watch the requests made. Can be answered by some constitutional measures. The king had announced in his speech on 9 March. A committee has been constituted, it will issue its findings in June.

Will these reforms go far enough?

Everything depends on the concrete translation of those intentions. When the king says he wants to give more powers to the prime minister, he must see how this will translate into reality. Work is underway to determine precisely the balance of power. Depending on the outcome, we will know if we went far enough or not.

As for events, when we hear "I want the job," there are no actions that the government can do tomorrow morning to resolve this problem. The answer can be given, they are all the infrastructure projects we have undertaken.But it takes time to yield results. There are also things that can be implemented quickly, as the fight against corruption. We need more tough on this ground. We started to address these social concerns. We will accelerate projects that can be accelerated. But I urge people to look more closely at what we do, particularly in terms of constitutional reforms, before saying no right away.

Do you fear a scenario in Tunisia or Egypt to Morocco?

No, we're in a different situation for three reasons. The first reason is the legitimacy of the monarchy which is based on twelve centuries of history. Morocco is the second oldest kingdom in the world after the Kingdom of Denmark. Second reason: the French protectorate era [1912-1956], it was proposed to the Sultan, King Mohammed V, grandfather of the present king, to govern.He declined because he preferred to power the nation and was forced into exile in Madagascar. It was this that created the compact between the monarchy and the Moroccan people. Third reason: Since its accession to the throne in 1999, King Mohammed VI has initiated many reforms and people feel closer to the previous king of kings. It is not, so to speak, in the situation of a "monarchical republic".

Another major difference: the spaces of freedom. The claims, in the streets of Tunisia and Egypt, for freedom of expression have been taken into account in Morocco in the years 1980-90. I come from a party, the Socialist Union of Popular Forces, whose activists have been imprisoned, tortured and executed. Us, we fought for these freedoms. They are nothing now. That is why there are 33 newspapers and opposition parties in Morocco, unions and many NGOs.

The king's personal fortune was valued at $ 2.5 billion by Forbes magazine. Is this a correct assessment? And such a fortune is it shocking?

Frankly, I have no idea of ​​the real wealth of the king. He is a shareholder of SNI-ONA [holding a royal] which is publicly traded, it would not be difficult to calculate. But I do not have the value of this heritage. Is it shocking that a monarch holds a personal fortune? In this case, it is essentially a fortune inherited from his father. For me, the legacy is legitimate, it poses no problem. Where it would pose a problem is if there was interference between politics and economics. If ever, and I'm not saying it is, we use a political position to influence the economy, it would be intolerable.To avoid any confusion, the king decided a year ago, the ONA-SNI would no longer be a minority partner companies associated with this group. As such, the king becomes an investor like everyone else, whose investments can bring him money.

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U.S. exchanges have slightly higher open Friday, thanks to the technology industry that leverages the Oracle ads optimistic.

Ten minutes after the opening of Wall Street, the Dow Jones was up 0.2% to 12,194.55, while the S & P 500 gained 0.07% to 1310.53.

The Nasdaq meanwhile is 0.2% to 2741.77.

Oracle, with titles listed in Frankfurt gained 7.11%, is up 4.0% to 33.425 dollars in New York.

The specialist management software database has forecast a rise of 4 to 14% of sales of new software during the quarter and raised its dividend.

Accenture is also up sharply and jumped 7.56% to 55.89 dollars.The group, one of the largest IT services company, announced an increase in its annual forecast.

The manufacturer of BlackBerry, Research In Motion, has however warned that its profits would decline due to heavy development spending of its shelf playbook.

RIM unscrewed from 9.89% in New York, while the shares listed in Frankfurt fell 9.0% previously.

An hour before opening, the number of U.S. GDP growth was reported at 3.1% for the fourth quarter.

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NNS Holding, controlled by the Egyptian Sawiris family provides the Board of Directors of Lafarge, acquired in March to 19.5 million shares of the world's leading cement, bringing to more than 14% its stake in the group French, reads Thursday in an opinion of the AMF.

According to documents of the MFA, NNS Holding purchased a total of 469,047 Lafarge shares on 18, 21 and 22 March, bringing its stake to 14.06% stake in cement company against a participation of 13.90% at end-2010 according to Thomson Reuters data.

In late 2010, NNS also held 19% of voting rights.

The presence of the Sawiris family share offering was in the acquisition of Orascom Cement, two-thirds financed by debt and a little less than a third by a capital increase reserved to Sawiris.

Lafarge had concluded on that occasion, in December 2007, a shareholders agreement for a period of ten years with some members of the Sawiris family and NNS Holding. They have two directors, Nassef Sawiris.

No comment could not be obtained immediately at Lafarge.

At the Paris Bourse, the action of cement closed at 43.8750 euros, up 3.01%. Its market capitalization stood at 12.58 billion euros.

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The Paris Bourse started slightly higher Tuesday as investors remain focused on the nuclear risk to Japan, as well as the revolts in Arab countries.

Around 9:25, the CAC 40 index shows a gain of 0.22% to 3913.16 points, after gaining 2.47% and 5.6% since Monday's close of Wednesday.

PSA Peugeot Citroen lost 1.4% in early trade after news that the earthquake in Japan will probably introduce measures to layoffs in Europe.

Renault fell for his share of 1.8%.

Pernod Ricard in contrast takes about 1.7%, buoyed by the confidence shown by the group on its ability to record a double digit growth sustainable in Asia.

Latecoere wins more than 11% after a report in the Figaro that three bids were submitted again for the planemaker.

Other major European markets also posted a modest increase in London ahead of 0.15% and Frankfurt yields 0.14%. Of the European indices, the EuroStoxx 50 wins 0.38% and 0.25% Eurofirst 300.

U.S. crude was steady at over 102 dollars a barrel.

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EDF and Ecology Europe each have commissioned a survey on the output of nuclear power. And the answers are not the same …

Two conflicting polls on the output of nuclear power were made public Monday, the first commissioned by EDF is 55% of French people opposed the nuclear phase and the second requested by Ecology in Europe, finds that 70% of them are favorable to a complete stop.

Two polls, two different responses

In the survey commissioned by the Prime electrician France TNS Sofres and published by Les Echos on Monday, 55% of French say they are "not favorable" to "demand of environmentalists to abandon nuclear power in France", cons 42% were in favor.An Ifop poll, conducted at the request of Ecology European Greens and has provided the AFP, 70% of French people are in favor of the nuclear phase-out: 51% for a soft stop at 25 or 30 years and 19% for immediate exit. 30% would, however, that France "continue its nuclear program and build new plants."

While environmentalists call for a referendum on a nuclear phase-out in the next 30 years, Cecile Duflot found Monday on France Inter, "too big" EDF after the survey of cantonal where environmentalists have made a good score . The national secretary of the Greens said the Ifop poll that environmentalists had "no plans to make public" is "a survey is done on an episodic basis to assess what is the perception of the French on the subject on which has been politically isolated for a long time extrêmememt.For her, "out of an intelligent and concerted nuclear, it's possible." In addition, stressed to AFP, Denis Baupin (EELV), the survey should "make people think" the Socialist Party and the Communist Party, traditionally pro-atom.

The UMP, only pro-nuclear

A majority of supporters left (56% to 65% PS and the Left Front) are favorable to an output of 25 or 30 years, as 50% and 53% MoDem FN. Supporters of the UMP are the only ones willing to continue the nuclear program in a majority (55%).

The association Action for the Environment, for his part expressed his "deep disgust at this obscene attempt at manipulation" EDF "at a time when thousands of Japanese fighting with all their strength to limit the extent of nuclear catastrophe. " She "will enter the polling commission to verify the methods used by the polling institute."

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European stock markets ended the week up in a market still very volatile, driven by the concerted actions of the G7 to stem the yen's appreciation as well as the announcement by the Libyan authorities for a cease-fire.

"The G7 intervention to calm markets but we still need a few days of consolidation before thinking that the worst is behind us," said Gilles Watts, City Index.

The CAC 40 closed up 0.63% at 3810.22 points, but still recorded a decline of 3.02% for the week.

In London, the FTSE finished up 0.39% to 5718.13 points while in Frankfurt the Dax took 0.11% to 6664.40 points.

The pan-European Eurofirst 300 index was up by 0.19% on the day.

Side values, Parmalat was awarded 4% while the battle for the takeover was restarted after the announcement that the French Lactalis became the largest shareholder in the Italian group.

Clariant rose 4.76% after UBS positive about the group after his tour in the United Kingdom investors.

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Spain Thursday awarded 4.1 billion of bonds at 10 and 30 years, slightly above the midpoint of the range announced on terms that reflect an improvement in investor confidence but remain high.

For its part, France, driven by risk aversion and its corollary, the flight to quality that has won the financial markets within the scope of political upheaval in the Middle East and, since Friday, the disaster in Japan , easily placed 8.488 billion euros of Treasury bonds to annual interest (BTAN) maturity two years and five years to 1.76 billion euros in securities indexed to inflation.

This amount is in the top of the announced range (7.0 to 8.5 billion euros) and the coverage rate (total demand served) came out at 2.4 or above its historical average .

Spanish sovereign debt took advantage, within certain limits, the agreement reached last weekend between the 17 euro zone countries to perpetuate the system of financial stability and expand its expertise to assist countries in difficulty.

Spain was able to put 3.2 billion euros in 10-year bonds at an average rate of 5.162% against 5.6045% in the first issue, syndicate bank, last January.

However, she had to give a higher rate (5.875% against 5.488% in November) to raise 911 million in 30 years, investors are more reluctant to lend to Spain on a maturity as long.

"Although the rate of 2021 is well below the level of the first syndication, but that of 2041 is much higher," said Marc Ostwald, strategist at Monument Securities in London.

ENCOURAGING

"This is encouraging news for Spain is the strong coverage ratio (1.8 for 10 years and 2.1 for the 30-year note) but we must admit that there is strong resistance to market to below 5% for the 10-year Spanish, "he added.

The French award was made at prices higher than in the secondary market, reflecting the strong demand for sovereign debt of France, which since mid-February, has performed very well, related professionals.

The yield spread between BTANs two years and its German equivalent, the eurozone benchmark, fell 9 basis points in early March to 4 basis points on Thursday, one of the 5-year BTAN is stable at around 2 8 while the highly regarded 10-year spread to France and Germany has narrowed to one basis point to 36.

"There is a huge demand for triple A to two years," said a specialist in Treasury securities (SVT).

The Agence France Trésor (AFT) was used 1.848 billion euros of a benchmark two-year BTAN 4.50% 2013 for an application of a little over six billion and 3.735 billion euros from an ancient OAT 10-year benchmark (known as "off the run" which approximates the residual maturity of BTAN) for a request for 7.085 billion.

Professionals report that the scarcity of BTAN 4.0% 2013 explains the interest for the OAT 2013.

The awarding of an old stump as it meets the high coupon demand and simultaneously allows the French Treasury to pocket bonuses comfortable.

France also issued Thursday 1.76 billion BTAN

French inflation-indexed (BTAN) and OAT indexed to inflation in the euro area (OATei), the coverage rate being stood at 2.9.

The amount issued is also there in the top of the announced range (1.3 to 1.8 billion euros) and reflects a serious appetite for this type of paper that allows to hedge against inflation in a context soaring oil prices and raw materials.

Since the beginning of the year, the AFT, which manages the debt of the French government has issued 7.76 billion euros in securities indexed to inflation, or 12.3% of 62 billion euros debt in the medium and long term issued during the quarter.

Issue Programme OAT and BTAN 2011 is thus made almost 35% as in the first quarter of 2010.

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BMW expects to achieve record earnings this year thanks to sales of its new models, including the new compact 1 Series.

The German automaker announced Tuesday that its sales greatly exceed 1.5 million units, with record volumes for three brands BMW, Mini and Rolls-Royce with the launch of at least six new models this year.

Chief Executive Norbert Reithofer said forecast earnings before taxes in 2011 would exceed the 2010 record (4.84 billion euros).

The net operating income of only automotive segment is expected to more than 8% of the total turnover of the group, he added.

Rising raw material costs should be offset by more favorable exchange rates, also provided Norbert Reithofer.

The manufacturer of Munich last year launched a new 5 Series sedan.Break in a new 3 Series sedan in 2012.

Focusing on long-term growth, Norbert Reithofer wanted to diversify the geographical location of the group, to avoid excessive dependence on the Asian market including China.

"For our next strategic step, we consider the installation of new sites (assembly), for example in South America," he said.

BMW announced last week it had raised its dividend after posting better than expected results.

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Japan's public television shows that the reactor No. 2 is successfully entered merger. The crisis seems to worsen. Follow the situation hour by hour. The central Fukushima 1

– Another explosion took place in central Fukushima 1. She hit the reactor building No. 2. But as in the case of units 1 and 3, the containment is intact.

– The Japanese nuclear safety authority excludes a Chernobyl-type accident. Leaks are very important nevertheless been identified.

– 200,000 people were evacuated around the reactors in question. 190 have been irradiated.

– France calls on its nationals located away from the Tokyo region.

14h40: according to NHK, Japanese public television, a meltdown of reactor No. 2 has taken place in Fukushima 1.The temperature of the latter would not fall.

14h35: depending on the network Sortir du nucléaire "a Japanese citizen around the plant receives the annual dose tolerated in France within 10 hours," "this morning radioactivity reached a level 400 times above normal in the prefecture Miyagi, a distance of 80 km from the center of Fukushima 1 "the statement added.

2:08 p.m.: TEPCO engineers have managed to raise the water level to 2 meters above the fuel rods from the reactor No. 2 (Kyodo).

2:07 p.m.: Lelon Credit Suisse, the cost of the earthquake and tsunami could reach 171 billion dollars and plunge the country into recession. Read here.

1:58 p.m.: Nathalie Kosciusko Morizet, traveling to Brussels, spoke on the nuclear crisis in Japan."What is happening in Japan is obviously a very serious nuclear accident (…) and the risk of major disaster can not be excluded," she said during a press briefing. "But we do not have all the information. We do not know the condition of the reactor containment," she said. "We must ensure that the reactor containment structure is damaged," she added. "If the containment of the reactor core does not, then we share in a nightmare scenario."

1:43 p.m.: The spokesman for the Japanese government is currently holding a press conference. If he recognizes the seriousness of the situation, it is reassuring. An explosion of Chernobyl-type is "unlikely", the radiation levels around the plant are "tolerable" and the work of cooling are "going with a good hope of success."He admitted however that a reactor core meltdown is "likely."

1:26 p.m.: excellent graphics (in English) The New York Times about stopping a nuclear reactor.

1:23 p.m.: Kyodo, could probably have two reactors in Fukushima partially melted 1.

1:21 p.m.: The government considers unlikely a big explosion in reactor No. 2 (Kyodo)

1:17 p.m.: the blimp that flies over Paris as the radioactivity present in the Paris France. But this operation was planned a long time, as confirmed Secrétatariat General for National Defence, quoted by AFP.

1:13 p.m.: steam – probably radioactive – Lax since reactor No. 2

24:28: Kyodo said that the fuel rods are again within 30 cm of water. One that is still very insufficient, expert says the Guardian.

24:23: power cuts occur in several prefectures, including Tokyo.It was planned and announced by TEPCO, which should reduce electricity consumption since the closure of several of its plants.

24:17: Kyodo confirms that the fuel rods are in the air. The risk is compounded fusion.

24:06: According to Jiji, a Japanese news agency, the merger can not be excluded in reactor No. 2.

12h05: Switzerland suspends its plans to renew nuclear power plants (Official)

12:03: The nuclear fuel rods from reactor No. 2 are completely in the open air because there is more water, because of the failure of the cooling system.

11:45: The agency Jiji said that engineers fail to cool the reactor No. 2 of Fukushima.

11:14: The rating agency Moody's expects "heavy losses" for insurers and reinsurers.the German Munich Re and Hannover Re, Scor French, Swiss, Swiss Re, Berkshire Hathaway the U.S., and PartnerRe and Everest Re Bermuda should record the highest gross losses. Scor lost 5% this morning at the Paris stock exchange.

10:30: The U.S. military says that his personal aircraft carrier, the Ronald Reagan sent to the coast affected, received doses equivalent to one month of natural radiation.

10.10am: There is absolutely no possibility of a Chernobyl, "said Koichiro Genba members of the ruling party, in reporting the opinion of the Agency for Nuclear and Industrial Safety.

9:45: The Japanese Nuclear Safety Authority has confirmed to the IAEA (International Atomic Energy Agency) about the explosion of Reactor No. 2 (see video of the plant in Fukushima.Nevertheless, the IAEA said that "the building of the reactor exploded, but the safety cabinet was not damaged. The control room of Unit 3 is operational."

9:30: "The situation is worrying" said Eric Besson, Minister for Industry, Energy and the Digital Economy. "We're in a serious nuclear accident since it was leaked radioactive, but it is not a disaster," he said on France Inter.

9h20Après the explosion of reactor No. 2, TEPCO, the operator of the plant, trying to SCWI of seawater inside. He admits not knowing if the water has reached its target.

9am at the opening of the Bourse de Paris, as Areva yielded nearly 10%. EDF's by almost 5%. TEPCO lost 23.4% in the Tokyo Stock Exchange.

7am – 9am: Morning all radio stations are devoted to the crisis in Japan.The nuclear debate in France is strongly boosted.

8:24: TEPCO confirms that the cooling system of reactor No. 2 is also down. Those of Units 1 and 3 have been since Friday, the day of the earthquake and tsunami. The central Fukushima 1 includes 6 reactors in total.

7:21: The water level decreases in reactor No. 2 plant in Fukushima. Increasing difficulties to cool the heart.

6:20: start shedding. Electricity is alternately cut through the ward in northern Japan and the Tokyo area. TEPCO wants to regulate demand while the supply of electricity is hampered by the judgments of five nuclear power plants.

4:00: explosion at the reactor No. 3 at the Fukushima.

Sunday night: IRSN, Institute of Radiation Protection and Nuclear Safety, confirms "leaks very important"

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